Government positive on oversupply of homes

PONTIAN: Although there is a possible oversupply of service apartments in Iskandar Malaysia, the state government is still optimistic about the property market especially demands for certain segments of property including affordable homes for locals.

Johor Mentri Besar Datuk Khaled Mohamed said besides that, the location of the property, price and type also played a role.

“Maybe certain areas there are too many. But in certain areas there are lacking,” he said when asked to comment on talks among investors about an oversupply of property in Iskandar.

Khaled said that in any investment, there was always a risk and it was up to the investors to evaluate such risks.

“The government is not going to tell, encourage or stop investors from investing in the property market.

“I believe that in Iskandar there is still demand for certain segments of property,” he said during the ground-breaking ceremony of a 30ha Sungai Pulai Wellness Resort, mixed development project.

The project, spanning over eight years, is valued at RM420mil in the first phase, and comprises a mix development project including eco-tourism.

Khaled said that the project, which was a wellness resort, was being done adjacent to the Sungai Pulai Wetlands, which was the state’s third Ramsar site spanning over 9,126ha.

“We have two other Ramsar sites including Pulau Kukup and Tanjung Piai,” he said, adding that he wanted the developer to adhere to all the proper regulations when developing the resort.

“The Ramsar Convention Bureau did not prohibit the development of the wetlands but any development should take into consideration the sustainability of the area,” he said, adding that this project was being done on private land next to the Ramsar site.

He added that the state government only allowed projects, which were meant for eco-tourism in the area.

Khaled stressed that under the state government’s Tourism Master Plan, there was a need to have this kind of wellness resorts in the state.

He added that the state government was committed to preserving the state’s Ramsar’s sites and has since frozen all activities pertaining to logging and exploitation of the area.

The resort, to be developed by Dimensi Panorama Sdn Bhd, which is a member of MB Group, will champion healthy living and promote eco-tourism.

The development comprises 1,351 apartment units and landed properties, a wellness clubhouse and a renowned international brand hotel located next to the wetlands.

The residential precincts will be constructed in four phases and will consist of only low-density development buildings not extending beyond 12 levels to maintain the natural green landscape.

The resort will be complemented by eco-recreational activities and facilities such as organic and hydroponic farming, mangrove planting, river cruise, cycling and boardwalks. - The Star